Full Show Podcast: 14 August 2024

Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Pressing the newsmakers to get the real story.

Speaker 2 (00:04):
It's Heather duplicy Ellen drive with one New Zealand let's
get connected us talk said.

Speaker 3 (00:10):
Be Hey, good afternoon, Welcome to the show. Coming up today,
We're going to have a chat to former Reserve Bank
economist Michael Riddell on the OCR cut and the massive
u turn from Adrian or the Drug Foundation on how
much of a risk those meth lollies are if you
get your hands on one. And a kid has already
dropped out of the boot camp trial, So we'll speak
to the Children's Minister Karenshaw.

Speaker 1 (00:30):
Heather duplicylos hey for cut.

Speaker 3 (00:32):
How good is that there? Three years of rising and
high interest rates are now over and we are headed
back down again. Reserve Bank has obviously shocked us today
by actually doing the sensible thing for once and cutting
the official cash rate by twenty five basis points. That
means the OCR now sits at five point two five percent.
It will not be the end. It looks like we're
going to get at least, according to the Reserve Bank's projections,

(00:54):
at least another cut before the end of the year,
and immediately you're going to see it coming through in
your mortgage. Three banks have cut their rates already, just
in the last couple of hours Kiwi Bank first, then ASB,
and then A and Z. Now, the reason that we
are so surprised by this today is because this is
a massive turnaround from the Reserve Bank and from what
they were telling us they were going to do just

(01:16):
three months ago, I mean three months ago. They were
talking about the fact that the first time we are
getting a cut would be August next year. They were
even three months ago talking about potentially hiking the ocr again.
So obviously begs the question what happened? And let me
tell you, Adrian or God asked that question repeatedly in
the press conference today, and he did his level best

(01:37):
to pretend this isn't a massive, screeching u turn but
it is, obviously, and the clue to why it's happened,
even though he didn't want to say it out loud,
is basically in the documents that they released along with
the decision. The economy is incredibly stuffed. It's way more
stuffed than even he thought it was in May because
of what he is now seeing go on in the country,

(01:58):
business closures, an enormous fallen consumer spending, fewer trucks on
the road, which means less economic activity. House price is
going backwards again, house sales not picking up, unemployment, and
so on. They are now projecting at the Reserve Bank
that we are in a recession again. If that's true,
and it probably is, that means that's our third recession

(02:19):
in two years. Remember how Adrian All tried to engineer
a recession, Well he engineered three. By the looks of things.
What an absolutely massive price for this country to pay
for what he was doing inflating the place away. Now,
I don't really feel like getting stuck into Adrian All today.
There's plenty of time and reason for us to do that.
At some stage. I'm actually going to give him the bouquet, right,

(02:39):
I'm going to give him a bouquet, the opposite of
what I feel like doing most of the time. In
the lead up today, economists were saying Adrian All was
not going to cut. He should cut, But he's not
going to cut for one reason, because of his ego,
because it would be too embarrassing for him to admit
what a massive mistake he made just three months ago.
So good on him for tucking that ego away and
for proving all of us wrong. He took it on

(03:00):
the Chiney did the right thing for the country today
and most of us and me absolutely included, are grateful
that he's done it, and the worst is now over.
Heather do for Sea Island is the text number standard
text fees apply. Now. A bizarre thing has happened at
Health New Zealand. Yesterday management held a meeting which included
the Chief Executive, and in this meeting they proposed saving

(03:22):
the money that Health New Zealand needs to save by
cutting staff, including nearly five hundred doctors and fifteen hundred nurses.
Now immediately the Commissioner has stepped in, stopped the plan
and given the Chief Executive a massive public bollocking over it.
Health New Zealand obviously doesn't want to speak about it today.
Des Gorman is Auckland University emeritus professor who's with us.

(03:42):
Hey dez Da is on what planet would this be
a good idea?

Speaker 4 (03:48):
Oh A, no planet.

Speaker 5 (03:49):
I mean the argument that this is some sort of
speculative comparison doesn't hold water. There's only two explanations for us.
Either one is that.

Speaker 4 (03:57):
It's a Washington monument type of offering.

Speaker 5 (04:00):
Or the others is that they were serious about cutting
frontline staff.

Speaker 4 (04:04):
Now they would appear.

Speaker 5 (04:05):
Looking at it, it's probably more likely the latter, and
you'd have to argue that the timing and the nature
of this is just egregious and stupid.

Speaker 3 (04:13):
Yeah, I mean it seems it's the latter, which is
they were actually going to do it, because a source
has told the media outlet Newsroom it wasn't a mistake.
They were planning the cuts and at least one region
of the organization had already started making plans to consult
and implement the changes. Does that blow your mind?

Speaker 6 (04:28):
Oh?

Speaker 4 (04:28):
Absolutely.

Speaker 5 (04:29):
Look, one area where I disagree with Lester's I think
the health system is in crisis. Whether you look at
health workforce numbers, that's a crisis, and it's important to
recognize it's a crisis either for several reasons. And that
is women and men each day go to work and
they don't provide the healthcare they think their patients deserve,
and they go home at night quite distressed. Now to

(04:49):
tell them that this is not a crisis, this is
a business as usual, is not to validate their experiences,
and I think that's important We do that. The other
thing is when you call it a crisis, to come
up with business as usual solutions.

Speaker 4 (05:02):
Yeah, you come up with crisis solutions.

Speaker 3 (05:04):
And that's basically what we need now. Now, Look, if
we take the source of their word, it means that
the cuts were planned. I can't see how that could
possibly happen without the chief executive, Margie Upper signing off
on that.

Speaker 4 (05:16):
Am I right, Oh, I can't see that either.

Speaker 5 (05:19):
But clearly the implication is that there's a disconnect between
the commissioner and his senior officials. And I think we're
seeing that across all of the health portfolios, that the
various health ministers are struggling against officials headwinds, and so
I think they're all finding it much harder to implication,
to introduce changes than they thought they would because of

(05:39):
those headwinds.

Speaker 3 (05:40):
Now, if her idea of how you save the money
is to cut doctors and nurses, she's got to go right,
because she's not up to the job.

Speaker 4 (05:49):
Oh look, that's her idea. Absolutely.

Speaker 5 (05:51):
Look, it's a truism that the best way to save
money and health care is not to have health workers
and not to have patience.

Speaker 4 (05:57):
But that's just an abject nonsense.

Speaker 5 (05:59):
So I think if you've got someone at a time
like this proposing I cunt frontline staff, then they're so
out of touch with the reality that don't belong in it.

Speaker 3 (06:07):
Yeah. Now it's obviously easy for us to sit here
and say they're doing the wrong thing. What's the right
thing to do? Des how do you save this amount
of money?

Speaker 6 (06:14):
Oh?

Speaker 4 (06:14):
Look, I think Leicester will do that.

Speaker 5 (06:16):
I think Lester will save the one hundred to thirty
nine million a month hemorrhage. The question will be, though,
when that hemorrhage has stopped, how do you then transition
to a new state where you can start offering more
services of higher value that is the best possible outcome
at the last possible cost. And I think the focus
has to be on primary care either. The big savings

(06:38):
will come on primary care.

Speaker 4 (06:40):
Yeah, not in hospitals.

Speaker 3 (06:41):
Well you mean, do you mean pump lots of money
into primary care in order to save later on down
the lone? Is that what you're talking about?

Speaker 7 (06:47):
Oh?

Speaker 5 (06:48):
No, I mean we're working with the GPS to develop
new business models. Is there's no point going to the
GP community and saying this is what you're going to do.
They will simply oppose that as they have done for us. Cent,
you've got to go to them and say, look, what
would it take for us to do to get you
to do more, do more after our care, to do
home visits, do more critical care in the community. What

(07:10):
sort of ecosystem would encourage that sort of behavior.

Speaker 3 (07:13):
Yeah, it's always good to talk to you. It'd sound well,
thank you very much for having a chat to us,
Dearz Gorman, Auckland University Emeritus Professor. Very interesting thing is
happening in the States at the moment, and I'm going to,
by the way, just on the subject. I'm not finished
with the health New Zealand think I'm going to come
back to it later on. We have more to discuss
because this is just monumentally bonkers. But I need to
tell you what's going on in the States. Very interesting

(07:33):
thing is happening with some documents that have been hacked
from the Trump campaign. So there's someone who's calling themselves
Robert obviously not their real name, who's managed to get
their hands on some Trump campaign internal stuff, probably by hacking,
and has given it to media over in the US.
None of the media are running these documents. This is Politico,
The Washington Post, the New York Times, all the big

(07:54):
ones are just not running it. Among what they've been
given is a two hundred and seventy one page document
which lists all of JD. Vance's potential vulnerabilities as a
running mate, which seems to have been put together before
Trump picked up. So they've obviously gone through how to look
at all the stuff that he's like at risk about
put it all in a document, and that's been hacked.
Now the media outlets have been sitting on the stuff
for weeks and not publishing it because, yeah, it is

(08:17):
mildly interesting, but it seems to have come from Iranian hackers.
That's where they believe it's coming from. And the hackers
have got into Trump's campaign. And while you know, they
were very happy in twenty sixteen these media outlets to
publish stuff that the Russians were hacking from the Democrats
and the Clintons, they've learned a lot since then over
there about helping other states to undermine the US democracy

(08:39):
this time around that I want to do it. So
they've got interesting ish stuff, but they're not going to
print it for the sake of American democracy, which actually
I have to say I have a bit of respect
for so instead, what they're doing is they're just reporting
on the fact that there has been a hack itself,
and that's about the extent of it at the moment
sixteen past four.

Speaker 2 (08:56):
Digging deeper into the day's headlines, it's Heather Duper Drive
with one New zealand one j of Leaf for business
us talk as he ordered sport with the new tab
app downloaded today bit responsibly.

Speaker 8 (09:10):
Again, you've replaced me with a commercial. You're going to
talk to someone.

Speaker 3 (09:13):
It's how important you are. We've got a little noise
ahead of you. And now I will say, Darcy Watergrave
Sports Store coasters with us, Darcy, Okay, we're going to
see any changes to the all Black side.

Speaker 8 (09:23):
We certainly hope so, wouldn't you. I think the mass
criticism around this site has been the labored approach at
fulkrom It half back by TJ Pettinara. Yes he had
a great season, Yes he's a wonderful person, but at
the end of the day, the new guards are coming
and I don't think that Scott Robertson can mess around
too much more with that, and they're going to have

(09:45):
to look at someone that can actually set this back
line a light. So I think we'll see Corte coming
in and maybe even no Holde them on the bench.
Although TJ might be used as a backup. His box
kicking is inaccurate, his pass is not labored, but he's
just not quick enough. He's not letting go that outside back.

(10:05):
I wonder as well if sever Reese might end up
out and Will Jordan might sink it's okay. But the
thing is here is that Will Jordan is such an
electric player. They've got to work a way to get
him out in there as well. There's also been talk
around the lack of bludgeon, if you will, from the
loose forward treer and how that operates. I don't think

(10:27):
you'll make massive, massive calls. There will be a couple
of knee You don't want to throw out the baby
with the bark water. But let's look at what's going
to happen on Saturday night.

Speaker 3 (10:36):
Do you think we need to cut Raises just a
little bit of slack on this because it feels to
me like he's still trying to figure out what.

Speaker 8 (10:42):
Yeah, and I think don't underestimate what the Argentines brought
to the party because they're not a bad team and
they've eaten us a couple of times in the last
few years. But that was a scatter gun approach. It
was a panicked all black side and we want to
see the coaching staff and the there's panic by having
wholesale changes. No, I don't think they do, but they

(11:04):
need to tweak and tous. Look, it's not the end
of the world. It will be judged ultimately on World
Cup success and it's going to take a while. But
they get beaten by Argent Dieter on Saturday, that's the
end of that curse for eading back for everybody.

Speaker 3 (11:18):
There's no way that's going to happen at Eadie.

Speaker 8 (11:20):
They'll beat them by fifty They'll come back. I reckon.
I'd like to see more from Ardie Savia as well.
I think you'd be looking back at that performance going
on Earth was that that wasn't me? We will see
it being dropped up, dropped down a couple of years
and accelerated through the Argentine.

Speaker 3 (11:34):
Isn't as Lisa Carrington not sure she's going to come
back in four years.

Speaker 8 (11:37):
Sounds like she'sa how old is she? Thirty four?

Speaker 3 (11:40):
Thirty five. Fair enough, so she had the children.

Speaker 8 (11:43):
Yet reasonably not that I'm aware of.

Speaker 3 (11:45):
That, then as well, you got to start factoring at it.

Speaker 8 (11:48):
Those women's magazines and see what are you going to possibly?
You know, I don't know what the biological clock is doing.
It's none of our business either, but the way she performs.
Remember when she decided to come back this time around him,
I was like, are you going to destroy your legacy? Ah,
you've done so well? Why would you blot your copy book?
Hold a beer? It's stunning and so look, not out

(12:08):
of the question. Maybe in four years time that she
might come here.

Speaker 3 (12:11):
Yeah, brilliant stuff, Darcy, thank you, has always appreciate it.
It's Darcy water Graves Spice.

Speaker 8 (12:15):
Gregor Paul is going to join us up out seven
o'clock to discuss this all black team being named good stuff.

Speaker 3 (12:20):
Okay, here we're back at seven for Sports Talk four
twenty two.

Speaker 2 (12:23):
Heather due to Cy Ellen cutting through the noise to
get the facts. It's Heather Dupericy Ellen drive with One
New Zealand. Let's get connected and news talk.

Speaker 1 (12:33):
As they'd be.

Speaker 3 (12:33):
Hey, we've got Dan Mitchinson, our US correspondent with us
out of the U, obviously out of the US. She's
talk about telling you the obvious in about twelve minutes time.
Just really quickly. On the Olympians. How amazing are these people?
I mean there is like they're obviously physical, we know this, right,
They're physically incredible, But in their heads, that is where
the real stuff is going on, right, because it's been revealed.

(12:55):
Get a load of this that one of the runners
in the Paris Olympics marathon, running for Great Britain broke
her leg in the marathon and just kept on running
and finished it. And it wasn't like she broke her
leg towards the end of the marathon. She broke her
leg at the three k mark and she still ran
to the forty two k mark. Basically, what it was
was she had a stiff hip and she was warned,
she was warned by the doctors if you run on

(13:16):
the stiff hip, you're probably gonna end up doing something.
And it absolutely became a stress fracture in her fema.
And still, and this is where it's even more amazing.
Not only did she do that, but she's still finished
in under three hours. I hate her time of two
hours fifty one minutes and three seconds in twenty four

(13:37):
degrees heat. I mean I would give her a medal
for that, wouldn't you? Four twenty six? How amazing is that?
Now listen, Adrian or I've got another bouquet for him.
I know, the generosity doesn't end. I was expecting that
he was gonna get reasonably red faced today and angry
because he's gonna get the press conference and they're gonna
ask him all the questions about what the hell went

(13:58):
wrong for him to flip from predicting a I can
made to cutting in August. But actually he held his
call and some of the questions were, like, you know,
they were on the nose May. You were projecting a
cut next year, first cuts next year. Now we're looking
at a cut today. What went wrong? Is this like
a mistake that you made in May? What happened?

Speaker 7 (14:19):
I think we explained it extremely well here, and I
would hope that you read it because it's the first
two paragraphs of the document.

Speaker 3 (14:26):
Hey, he's keeping his cool. How about that? He is
another one.

Speaker 9 (14:28):
The change in policy is huge. It's almost an entire
year early the cuts, and you're doing that solely on
what people call second tier data. Previously you've signaled that
you need to see actual hard numbers and non tradable
inflation and core inflation, and now you're seeming quite happy
to move.

Speaker 7 (14:46):
In May, we didn't have a CPI at three point
three percent.

Speaker 3 (14:50):
And then there was more.

Speaker 10 (14:52):
And if the goal of monetary policy in this situation
is for a soft landing, can you say you've actually
delivered that?

Speaker 7 (14:57):
And I don't know how to answer your other question.

Speaker 3 (15:00):
I mean, I don't know how to answer your other
question from Adrian Or is like that is a very
controlled Adrian Or right there? Anyway, they were asking all
the right questions because it's a massive flop. He made
a huge mistake. Thank god he fixed it today. We'll
talk to Michael Riddell after five o'clock about that. Headlines next.

Speaker 1 (15:20):
Hard Questions, Strong opinion, every Dupercy Ellen drive with one
New Zealand let's get connected and used talk as it be.

Speaker 3 (15:43):
Adrian Or only cut today so he can hit to
Jackson Hole in a week or so and tell us
mates how grad he is. Oh man, do you know what?
Even if that is his reason to go to that
little symposium and crow about the fact that he's cutting
I don't care, because isn't it good to have a cut.
I'm so excited. It's only twenty five basis points, but geez,
we're on the way. That's all we need right now.
Listen on those meth lollies that went through to the

(16:05):
Auckland City Mission, at least three people so far I
have needed to get medical attention after eating them. It
sounds like a couple of them more kids. And you
can kind of understand that because if you chuck meth
in your mouth, you know, not speaking from experience, but
if you chuck meking meth in your mouth, I feel
like for an adult, you're probably gonna have a little
bit more. You just got a bigger body, matt, so
you're going to cope with it a little bit better
than a little one thinking they're sucking on a pineapple lolly.

(16:28):
The good news is that these things taste disgusting, so
it doesn't sit in that mouth for a long time.
Those kids spitting it out really quickly, Thank God. The
cops say they are now investigating. They've got a few leads.
Few people have been in touch to say they've got
the meth lollies as well. They're still not sure how
many of them are out there, how widespread, but it

(16:48):
does sound like it is not just limited to the
Auckland City mission. So I'd be avoiding these little pineapple
sweets if I was you. Cops don't know where they've
come from or anything like that. Looks like they are
one hundred percent meth as well, which means they're actually value. Weirdly,
I think I read somewhere that each one of those
lollies is about one thousand bucks. So whichever numpty drug
dealer accidentally has lost one thousand dollars lollies, I feel

(17:11):
like they're not going to have a good time from
the Kingpin. What do you think anyway? We're gonna have
a chat to the Drug Foundation after ten past five,
just get a take on how dangerous these things are.
The kids are popping them in their mouths. Twenty three
away from five.

Speaker 1 (17:22):
It's the world wires on news talks. He'd be drive.

Speaker 3 (17:26):
Tim Waltz has made his first solo speech since he
joined Karmala Harris's ticket. Tim's opponent, Jade Vance, has been
having a go at him for never serving in a
combat zone during his military career. Here's how Tim responded.
To that at an event in Los Angeles.

Speaker 11 (17:39):
And I firmly believe you should never denigrate another person's
service record anyone brave enough to put on that uniform
for our great country, including my opponent. I just have
a few simple words, thank you for your service and sacrifice.

Speaker 3 (17:54):
The Aussie federal opposition wants to close the border completely
to any refugees from Gaza. So Peter Dutton, who the
opposition leader, says anyone entering Australia from the Gaza Strip
is a risk to national security. Elbow, who's the PM,
says it's not Peter Dudden's decision to make.

Speaker 12 (18:08):
Well listen to the security agencies when it comes to
national security and the Director General, Mark Burgess, will play
a critical role in that. And you know, I say
to try to bring people together and not always looking
for a wage you're on to divide.

Speaker 13 (18:26):
And finally, I grew up in a tough neighborhood and
we used to say you can get further with a
kind word and a gun than you can with just
a Caine word.

Speaker 3 (18:36):
Al Capone's favorite pistol has been acquired by a museum
in Las Vegas. It's a cult nineteen eleven forty five
semi automatic, and he used to apparently call it Sweetheart.
A private collector has given the gun to the Mob Museum.
The museum hasn't yet announced when it's going to go
on display.

Speaker 2 (18:50):
International correspondence with Ends and Eye Insurance Peace of Mind
for New Zealand Business.

Speaker 3 (18:56):
Jan Mitchinson US correspondents with US Hey, Dan, Hey, Heather, Elon.
I mean, where's Elon getting this number from that a
billion people tuned in? Is this for real?

Speaker 14 (19:06):
I don't know. I don't think so, honestly. I mean,
there's been so much that he said since this interview
first happened, and there's also been some fallout, you know,
And I don't even want to call it an interview
because it was a conversation. It sounded more like a
couple of guys just talking over a beer. And the
latest fallout's been from the United Auto Workers Union. They
filed the federal labor charges against both Elon Musk and

(19:28):
former President Trump because they said they were threatening to
intimidate workers who go on strike. And that was part
of the conversation that was going on during this thing,
because Trump was saying how much he admired Elon Musk
and his anti union stands called of the cutter, and
Musk was laughing during some of the comments. So the
union didn't like what they heard and they filed these
charges just a few hours ago, saying this was a

(19:50):
form of intimidation.

Speaker 3 (19:51):
Has it helped Trump's campaign ale, which is what it
was supposed to do?

Speaker 14 (19:55):
No, I don't think so.

Speaker 4 (19:56):
I don't think so.

Speaker 14 (19:57):
I mean, Musk said that the goal with his livestream
to help people understand how Trump talks when it's a
conversation rather than an interview. He says, nobody's quiet themselves
in an interview. But I think Trump only knows one
way of being himself, and that is being Donald Trump.
And it doesn't matter if it's on social media, if
it's an interview, it's a conversation or it's a debate.

Speaker 4 (20:15):
He is who he is.

Speaker 3 (20:16):
Yeah too right, Hey, listen, what are the top ten
causes the death in the US.

Speaker 14 (20:20):
Well, this is interesting. The ten leading causes include kidney
disease and diabetes. They were in the top ten. Accidents
and unintentional injuries came in at number three. Cancers number
let's see, cancer was number two. I was trying. I
was looking down the list here, heart disease is number one,
is the top killer in the US. Nearly a quarter

(20:41):
of all deaths were tied to this, so about one
hundred and sixty two out of every one hundred thousand
and that you know, that's compared to the number one
cause of death in your country, which is cancer and
then cardiovascular disease.

Speaker 3 (20:53):
But that's because we're not as fat as you.

Speaker 1 (20:55):
No that.

Speaker 14 (20:56):
I was just going to say a lot of this
has to do with our diet over here. You know,
the whole bigger is better, which it's not. We move
around less, we're in front of our TV more and
we don't get out and enjoy the you know, the
great outdoors like you have over there.

Speaker 3 (21:06):
You're a Reich. You're not going to die of heart disease,
are you? Although, actually, Dan, weirdly, that actually puts you
at greater risk because you don't think you are. So
you don't get your hot checked. So you need to
get your hot checked. I'll do that because you're still American.
Remember that ye still eating this time?

Speaker 14 (21:21):
I still am.

Speaker 3 (21:22):
Hey, listen, what happened to Avon?

Speaker 14 (21:24):
You know this has been hit well basically they have
just been hit by lawsuit after lawsuit for these talcum
powder based products that were contaminated with cancer causing substances.
So they have filed for Chapter eleven bankruptcy. Now operations
outside of the US are being excluded from this, so
that means things should be okay over on your side

(21:45):
of the world for the time being. But the question
is what does this mean for the two million people
who sell these cosmetics here? I mean, the CEO is
doing the spin job you hear when companies go through
this process saying, you know, it has the support of
customers and they're moving forward with modernizing their selling model
and stuff like that. But it's still I mean, this
is like the makeup giant in the world right now
in two million people. Is an awful lot to be

(22:07):
looking for another job. Possibly, Yeah, very good point.

Speaker 3 (22:10):
Actually, Dan, Hey, thank you very much, mate, Really appreciate
to look after yourself. That's Dan Mitchison, a US correspondent.
Hang on here, that did I hear you? Right at
the start of the program, one of the kids has
quit the boot camp. Isn't it compulsory? Well, this is
exactly the question that I asked as soon as I
heard about this. No, it's not compulsory because remember this
is a trial. So when the trial is over and
where and we've learned all the lessons that we need

(22:31):
to and we're actually doing this thing full noise, then
it becomes compulsory. Then the kids can't opt out and
they have to complete. However, this young one who's opted
out is going to be able to complete their sentence
at another youth justice facility that don't just get to bunk.
We'll have a chat to Karen sure, the Minister for Children.
After the half past five years now, there's a weird
idea in Totranger find I find I feel like we're

(22:54):
over complicating roads. Have listened to this a case. So
in Totunger, they've had this problem for a while now
with a road that the council closed at one end
in the mornings and the afternoons. I think it was
to stop rat running, and the residents were really upset
about it and they were talking to the media about
it heaps, because obviously it just made their lives more
complicated having to go around because suddenly the thing is closed. Anyway,

(23:16):
the council there has decided the best way to deal
with this is that actually now you can use the
street any time of day. You can come into the
street from either end, but you are not allowed to
come out of the street again for fifteen minutes. So
and the point of this is obviously that if you
go in and you're in there for shorter than fifteen minutes,
you're just driving through. And if you go in and

(23:36):
you're longer there that longer than fifteen minutes in the street,
it must mean that you're visiting somebody or you live there.
If you are shorter than fifteen minutes, if you're just
driving through, you will get a fine. This is where
I think it's complicated because now to me coming from
Auckland going to Todung, I'm gonna be like, look, it's
a street turn and then oh there's a sign and ah,
like all the stuff you've never seen before in your life.

(23:57):
Now you're dealing with this and hard on it. Anyway,
that area about this. They it just started on the
first of July, so it's only been going about six
weeks or something. They've already issued one hundred and twelve fines.
Imagine how much it would suck though, if you live
on the street and you get home and then you're like,
you just get home and you realize, oh bugger, I

(24:17):
forgot to get the milk. Now you have to down.
Now you have to start the clock, haven't you. You
got to sit there for fifteen minutes before you can
leave again to go get your milk. Either that or
you're going to have one hundred and fifty five dollars milk,
aren't you, Because you're gonna have to pay one hundred
and fifty dollar fine just to be able to go
get the milk at a convenient time. So that's not awesome.
That's not awesome. It's also very complicated.

Speaker 2 (24:36):
Barry Soaper's next politics with centrics credit, check your customers
and get payments, certainty Barry.

Speaker 3 (24:42):
Soaper, Senior Political correspondence with US. Now, hey, Barry, good afternoon.
Hither the government will be stoked at that official cash
rate car right?

Speaker 8 (24:50):
Well, yes it will be. I mean they'd be on
ten to hooks waiting for this, and it's the first
cut since March twenty twenty, hell of a long time.
In recent months, economic data shows that inflation is under
control or coming under control, unemployment is rising, and economic

(25:10):
growth is stalling, which is the downside to it. But
both Chris Luxon and Nicola Willis faced the press gallery
at Parliament a short time ago and the first question
that was asked of them was they seem to be
taking all the credit when in fact this was the
Reserve banks decision. Well, that put them on the front foot, and.

Speaker 15 (25:31):
We've stopped adding costs on businesses that push up prices,
like the ute tax and the Auckland Regional Fuel Tax
and landlord taxes like interesteductibility and bright line. We've also
reduced economic bottlenecks and cut red tape by restoring ninety
day trials and abolishing mandatory union bargaining and fixing the
triple CFA and support of that fiscal discipline and economic plan.

(25:51):
Inflation is now tracking down fast, down to three point
three percent from seven point three percent, which is the
lowest in three years.

Speaker 16 (26:00):
The cost of living crisis that New Zealand has endured
has been characterized by high inflation and high interest rates.
So today mark's an important milestone and beating both those beasts.

Speaker 8 (26:14):
And the point that Nichola Willis made was that if
inflation wasn't coming down then they would be blamed for it,
So you can't win sometimes, can you you know? I
think they have set the scene when you think of
the inflation, the way it was fueled by excess borrowing
and money being shelled out by the last labor government.

Speaker 3 (26:39):
Erry the boot camps are one. What is a fortnight
in one kid has left? How much longer ago in
the trial?

Speaker 17 (26:45):
Oh?

Speaker 3 (26:45):
I think it's three months?

Speaker 4 (26:46):
Yes, three months?

Speaker 8 (26:48):
And I thought the Children's Minister Karen Shaw was actually
quite wise today putting out a statement and admitting that
one had pulled out and obviously this kid was causing
trouble for his fellow participants. They say that it was
in his best interests, his fun, oil's best interests and

(27:11):
the other participants. Now what does that tell you? Ready?
Between that line that is that he was obviously a
stirer and he is better off our destruction. Exactly what
I love is though, is what they have to get
up to in the morning, These young people, they have
to they have a set morning routine, starting with breakfast,
shower and military style drills. Daily hygiene routines such as

(27:35):
ensuring their rooms are clean, clothes are ironed, and taking
pride in their presentation. I think it's fantastic.

Speaker 3 (27:44):
How old are these kids seventeen around seventy?

Speaker 8 (27:46):
Look, I remember being in police cart at Trentham when
I was around the same age. We had the same
requirements on us and I'll tell you what, if you
didn't do it, you get a swift boot up the backside.

Speaker 3 (27:56):
Have you ever picked up an iron before you went
to police college?

Speaker 4 (27:59):
Oh?

Speaker 17 (27:59):
Yes.

Speaker 3 (28:00):
I just think modern kids won't have.

Speaker 8 (28:02):
Well, they probably don't know.

Speaker 3 (28:04):
And it's not a reflection of whether they're naughty or not.
I think I just think we spoil a little buggers. Now,
speaking of which, we're going to start the ironing tomorrow. Okay,
So Luxeon's off to Australia tomorrow. He has been over
a few times now, isn't.

Speaker 8 (28:18):
He has been over, but this is his first official visit,
so you know, they make a big deal of this.
He'll on Friday go to Canberra after going to Sydney tomorrow,
and he'll be talking a business essentially in Sydney and
then going off to have a chat with Albanezi, who
he says as an old friend. And of course he

(28:38):
will be speaking slowly and in monosyllabic English.

Speaker 3 (28:42):
I would imagine, although keeping it simple.

Speaker 8 (28:45):
Should take a sign language person over with him, although
the accents might get confused, as he did. But what
I want and it's my bug bear, and of course
it won't happen.

Speaker 3 (28:55):
Is the the vitations to stop. It's not going to happen.

Speaker 8 (28:59):
Well, you know they've come. I was going through the
crimes that these people have committed. Well over three thousand
now have come out of Australia. Some of them have
no association with New Zealand just and seemed to present
it when she met with Scott Morrison as though the
situation was about to be basically made more humane. But

(29:23):
in fact they've tightened up and you've got that fellow
Peter Dutton. He referred to the deportees you'll remember as trade.

Speaker 3 (29:30):
They are barry, Well, some of them are. I don't
want them either.

Speaker 8 (29:34):
Well, no, we don't want them. But you know these
people some of them went there is.

Speaker 3 (29:39):
Can I get that? Many can hardly? Like I tell
you what, if this was news, if it was New Zealand,
you'd be wanting to toss No.

Speaker 8 (29:45):
I think we have to. I think you have to
take some responsibility. Is like a parent taking some responsibility
for your children. These people were born and brought up
or not born, but brought up in Australia and learned
all their bad.

Speaker 3 (29:58):
I'm glad you didn't become a cop because you would
have been a soft one. Actually, I've got a real champion.

Speaker 8 (30:03):
I would have been the commissioner.

Speaker 3 (30:04):
Then, absolutely you and Andy. I've got a champion heading
our way. Five oh one deep. Ut, I'll tell you
about later, Barr. We'll do it probably in the next
hour or so. Barry so Per, senior political correspondent.

Speaker 2 (30:15):
Putting the tough questions to the newspeakers the mic asking breakfast.

Speaker 18 (30:19):
Tourism stats release, we're reminded yet again of how far
short of where we need to be we actually are.
Visitor arrivals are still seventeen percent down on three pandemic levels.
This is back twenty nineteen. For goodness, like Tourism Holdings
Incorporated CEO Grant Webster back with us.

Speaker 19 (30:32):
I think part of it is the marketing dollar, right.
I mean, if you look at tourism Australia and take
the three big states, they combined have got around eight
hundred million in spend on a per capita basis. That's
like fifty percent more than us in New Zealand, and
we are less than one percent, well less than one
percent market share and tourism on a global basis, so
we we've got to be more competitive.

Speaker 18 (30:53):
Back tomorrow at six am, the mic asking breakfast with
the rain driver of the last news toog.

Speaker 3 (30:58):
ZB either what was the reason that Barry left the
police college misbehavior? I feel like he might have got
into a fight with a supervisor. Like when I say fight,
I don't mean a verbal one, a metaphysical one. I
think that's what happened. Anyway. He puts it down to
having an anti authoritarian streak, which, yeah, I think we
can all see. Hither, this is really the total your thing. Hither,

(31:21):
they would have to have your address if they send
you the find, so surely you'd be exonerated because you
live on that street. Surely that's the case, and surely
it wouldn't affect the emergency vehicles and the uber eats guys. Otherwise, Like,
how's this going to work? I'm guessing that you can
go in one side of the street and out that
same side, but not the other side. That must be
how it works. Otherwise it's a total kafuffle. Hey guess
which council I'm talking about. Guess who did this? A

(31:44):
council is under fire for buying a bike crack that
no one uses. They spent eighty four thousand dollars on
the bike crack. Now I'm looking at buying a bike
crack because my husband's bikes bike standard snapped off, isn't it.
And I looked on one atain online as I'm tight,
so I was like, ooh, geez, fifty dollars for a

(32:06):
bike crack seems like a lot of money. Ou don't
they go want to spend that much. I'm gonna wait
for something to come up cheaper. Eighty four thousand dollars
blows my mind. So in this particular bike crack, it's
quite it's quite a nifty one. It's like a massive
it's like a massive cupboard with glass doors. They have
twenty four bike spaces you can hang your bike there.
Every week that bike crackers used two point seven times.

(32:29):
Twenty four bike cracks available twenty four times every single
hour of every single day of the whole week, three
times in a week. Guess which council did that. Wellington
City Council, of course it was yep, that's who it was.
So anyway, the chap who is a cyclist who spotted it?
It's gonna talk to us in twenty minutes time. Michael
Riddell form a Reserve Bank economist with us next.

Speaker 4 (32:52):
Twenty nights on a pink skyes.

Speaker 1 (32:55):
You taught them to enjoy.

Speaker 2 (33:04):
The only drive show you can trust to ask the questions,
get the answers by the facts and give the analysis.
Heather due to clan drive with one New Zealand. Let's
get connected and news talk as they'd.

Speaker 3 (33:16):
Be good afternoons. So we've got the start of good
news for the economy. The Reserve Bank has cut the
official cash rate by twenty five faces points and is
likely to be at least another cut coming this year.
Krew we bank ASB and A and z'd immediately announced
that they were cutting their mortgage rates and response and
the Finance Minister was celebrating as well.

Speaker 16 (33:35):
After four years, we're the only way for interest rates
to go was app The Reserve Bank is now forecasting
an era of interest rate reductions.

Speaker 3 (33:45):
Former Reserve Bank economist Michael Riddella's with me now, have Michael,
were you surprised to see them actually do the right
thing and.

Speaker 6 (33:53):
Cut You could never quite tell what an institution that
flip flops as much as they have. But no, I
thought they would find me. When you're in a hole,
you stop digging, And even they learned that lesson, right,
And what.

Speaker 3 (34:04):
Is the motivator for them? Basically because we're in a
third recession?

Speaker 6 (34:08):
Yeah, I mean they don't quite use those words. But
if the economies are proven weaker than they expected to
get back to their maid monetary policy statement, they were
expecting to see the economy starting to pick up. If anything,
it's getting worse. And they highlight a bunch of high
frequency indicators, business surveys, and those sorts of things that
are looking really quite bleak at the moment.

Speaker 3 (34:26):
Yeah, interesting press conference today. Adrian Or wouldn't admit that
he'd made any mistakes. Of course he wouldn't.

Speaker 6 (34:32):
Has he done that, definitely has? I mean, there's a
really bad lot to the bank to have gone out
pretty strongly in May on the idea that rates would
have to stay up for at least a year, they
might even have to rise somewhat from there to where
we are today. And it's not as if some big
event has happened externally. It's just that they badly misread

(34:52):
of what's going on in the economy, and that's pretty
inexcusable because they were raising ranks up to the middle
of last year. Monitory policy works with a lag, It
takes it year or so. Can when you get in
respects to a higher level a year or so later,
you expect to see things looking pretty sick, and pretty
sick they are. The good news is that means inflation
is really coming down, and they're now much more confident

(35:13):
that we're going to get back to the middle of
the target range, but at quite a price.

Speaker 3 (35:17):
Michael, can you explain how they misread things so badly
that they've gone from a possible hike in May to
a cut in August.

Speaker 6 (35:25):
It's hard to do so without being a fly into
all themed deliberations. But I think they were sort of
freaked for a bit about by some of the things
I'm so called non tradable inflation, so particularly rates and
insurance costs, and neither of those things are things that
mnutary policy can do much about. And somehow they just

(35:46):
got rattled and they didn't believe the narrative, they didn't
believe in their models and a few bits of data
three months ago just mis led them. And it's a
week leadership on the part of the Governor and the
Chief Economy not to have said, look, guys, let's just
hold the course and see what we get to.

Speaker 3 (36:05):
So what are you picking? Another cut by year's end
and four and a half percent OCR by mid next year.

Speaker 6 (36:11):
I actually think they lend I having to go further
than that. If you look at the numbers in their
martial policy statement, they expect to see growth rebounding quite
strongly by early next year, and it's just not clear
how that's going to happen. Fiscal policy is going to
be quite contractionary. The government's cutting and spending over the
next couple of years. Intrastrates on their own telling are
still above what we call neutral, So I wouldn't be

(36:33):
surprised if for the middle of next year we aren't
down to three or even two point five percent. Wow,
consistent with what's happened in previous using cycles over twenty
thirty years.

Speaker 3 (36:42):
Yeah, that's a massive change, isn't it. Michael, Thank you
very much for the expertise. Michael Riddelle former Reserve Bank.

Speaker 1 (36:46):
Economist Heather do for ZILA.

Speaker 3 (36:49):
So the meth lollies. The cops are now investigating. Up
to four hundred people are being urgently contacted. At least
eight families are known to have been infected affected rather,
including a child. Three people have sought medical assistance. The
disguised pineapple flavored lollies were donated by an unknown member
of the public to the Auckland City Mission.

Speaker 20 (37:07):
Early yesterday afternoon.

Speaker 16 (37:09):
We received an alert of concern by a food parcel
recipient who said that they had tried funny tasting lollies.

Speaker 3 (37:19):
The Drug Foundation Executive director Sarah Helmers with me. Now, hey, Sarah, hey, here,
how much meth is in each of these lollies?

Speaker 21 (37:27):
Yeah, very concerningly. The sample we have tested, or samples,
I should say, we're one hundred percent meth. The lollies
weighs three grams, so each lolly represents three grams of myth.
Now three grams of myth. Yet normally, if you were
going to take it on purpose, you'd be taking fifteen

(37:48):
ish micrograms, So represents something like three hundred doses in
each lolly.

Speaker 3 (37:54):
Okay, is that enough for even an adult if you
were to consume the whole thing to overdose fat?

Speaker 8 (38:00):
Yeah?

Speaker 21 (38:01):
Lethal, Most likely.

Speaker 3 (38:02):
Okay, well, you're obviously not going to consume the whole
thing because it tastes really, really awful. So if you're
just having a suck of it before you realize that
something's wrong with it, how much trouble are you in?

Speaker 21 (38:13):
It could be still a range of effects, so you're
likely to still feel an effect, possibly still needing to
seek medical attention. So we're rarely urging anyone who knows
anyone that's received a City Mission package to get in
touch with them that might have one in their possession
or have taken something, to seek help immediately.

Speaker 3 (38:37):
Don't wait, Yeah, is this a drug delivery gone bad?

Speaker 21 (38:41):
Look, we've made a few guesses about what it is,
so it's worth a lot of money. So we don't
think anyone would have done it on purpose, or at
least donated it on purpose. Obviously the packaging is very intentional.
It's quite normal for drug smuggling to occur in food

(39:03):
products or in food packaging. It's happened here before, and
certainly in terms of lollies, it's happened internationally. So we
think that something has gone awry and somebody's ended up
thinking we're holding a bag of lollies. But anyway, we
really don't know until further investigation is carried out. We've
been quite focused on testing that sample, making sure that

(39:27):
the people who need to know in terms of like
the poison line etc. Are informed, and then today we've
spent much of the day contacting other frontline organizations to
check what's going on for them.

Speaker 3 (39:41):
Good stuff, Sarah, thank you very much for talking out,
Sir at Sarah Holm, the New Zealand Drug Foundation executive director.

Speaker 1 (39:46):
Here the dup.

Speaker 3 (39:47):
Let's talk about that extraordinary expense of bike rack in
Wellington very shortly. But I've got some good news for
you if you have an electric vehicle or you want
to buy an electric vehicle. According to BMI Research, which
is a market analysis firm that's owned by Fitch, the
rating agency, it's not looking good this year, right, So
sales are going to keep falling for the evs and
it's down to like eleventh, like lower than fewer than

(40:08):
eleven thousand sales this year. Now, compare that to twenty
three thousand sales and twenty two and thirty thousand sales
last year. Eleven thousand fewer than that is not a
good look, right, It's not a lot plug in hybrids. Also,
they were nine thousand sales last year down to three
and a half thousand sales this year. But next year
it starts to pick up. These guys at BMI Research

(40:29):
reckon the EV sales will grow by fifty five percent
year on year, and the reason for that is Chinese
made evs because they're cheap and they're really good. And
for that reason, people are going to start having confidence again.
Quarter past Hey, going at a snail's pace on the
motorway is pretty frustrating for most of us, right, but
if you think glass half full for a moment, if

(40:49):
you're a business with graphics on your vehicle, it can
actually be a really good thing. Speedy Signs New Zealand's
biggest national signage company, so that when you've got a
good signage on your vehicle, your brand is always out there.
Your car or your truck literally becomes a mobile billboard,
which is especially good if you get round town a
bit right and if you need to do some targeted advertising,
let's say you're opening a new store or you're holding

(41:10):
an event, having your sign written vehicle seen in the
area creates great awareness and just a fair bit of
Buzz as well. Now being a national signage company, Speedy
Signs can take care of your entire affleet of vehicles
no matter where in the country. They are from simple
but clear contact details on the doors to full graphic
wraps covering every panel. It is no problem for Speedy Signs,
so give them a call on eight hundred Speedy or

(41:32):
go to Speedy Signs dot Co dot Nz.

Speaker 1 (41:35):
Together do for Sea Allen.

Speaker 3 (41:36):
It's eighteen past five. Talk to Karen Saw the Children's
Minister shortly in about seventeen minutes about that kid who's
decided not to do the boot camp anymore. But Wellington,
Wellington City Council is coppying it, yes again for spending
too much money on something people don't need. It's eighty
four thousand dollars they've spent on a bike crack that
hardly anyone's using. They've put this thing outside Freiburg Pool

(41:58):
and Oriental Bay. It's been there since last year and
even though it can fit twenty four bikes at a time,
on average only two point seven bikes are using the
thing every week now. Richard Martin is a long time
Wellington cyclist. It did some detective work when he noticed
the mostly empty rack and he's with us now, I
am Richard, Hello, why do you decide to look into it?

Speaker 22 (42:19):
Of course I've walked past it so often and don't
see anything in it. It's a very fancy bike rack.
It's a Rolls Royce bike rack, and I thought, well,
I have to spend that much money on it. Why
isn't it being used?

Speaker 3 (42:30):
Why do you think no one's using it?

Speaker 22 (42:33):
I don't think there's a need for it, Frankly, I
think that places out the front of the fro Boot
pool to put your bikes. There's other racks on the
footpath outside the pool, and they're often.

Speaker 6 (42:45):
Not for Richid.

Speaker 3 (42:47):
Can you explain something to me because but looking at
it in the photographs it looks like you have to
sort of hoist your bike up to be able to
put it in there. Is that how it works?

Speaker 22 (42:55):
Well, it's yes, it's quite a expensive because it's quite
a smart of engineering. It's all spring loaded, so you
pull the racks out and they're spring loaded, You pull
it down, you put your bike in, it goes back
up again. You know, I'm thinking that they could have
used two inch galvanized pipe. Been in the U shape
and put on the ground with a bit of concrete

(43:16):
for the same number of racks for five grand, not
eighty four grand.

Speaker 3 (43:20):
They reckon at the council that the problem is that
you've busted them in the middle of winter, right, and
nobody really wants to cycle in winter. But come some
of the things going to be full. What do you reckon?

Speaker 22 (43:30):
Well, I think that's that's a rare hearing. The other
day it was a lovely weekend summer's day in Winton
they do happen, and there were lots of people walking
up and down the parade, bikes everywhere, and it was
still empty.

Speaker 3 (43:43):
Yeah, waste of money, I Richard, it's a passy that
they waste your money like this.

Speaker 22 (43:49):
Well, I mean we're facing seventeen percent rate rises and
we're also being told that, you know, you may have
to conserve water next summer for goversta pipesortly and the
council go and spend eighty four grand. I'm not sure
they use that money to fix for leaks.

Speaker 6 (44:05):
Yep.

Speaker 3 (44:05):
Yeah, you should be on council, you should be the
mayor actually with such common sense, Richard.

Speaker 6 (44:09):
Thank you.

Speaker 3 (44:09):
Richard Martin, longtime Wellington cyclist jeez Wellington, Yeah, I doesn't
get yact together here the don't you just love Jenny
Ruth's questions to Adrian or in the press conference it
was great Tally Connell spotted what I spotted. Adrian kept
us cool for the most part, but there was one
journal who just got under his scanna. I'll play you
that exchange. Hopefully I can do it before the headlines

(44:30):
actually stand. By five twenty.

Speaker 2 (44:32):
One, Digging deeper into the day's headlines, it's Heather duper
c Allen drive with one New Zealand let's get connected
and news dogs.

Speaker 3 (44:40):
That'd be theory on the meth lollies hither. I'm guessing
the myth suites were meant to go to a dealer
who's at the City Mission. What a great distribution center
for myth must have been given to the wrong person.
Perfectly plausible explanation for it seems like the most likely one,
isn't it. Five twenty four Listen, I wholeheartedly agree with
what des Gorman said at the start of the program.
The Boss of Health New Zealand needs to go her job.

(45:02):
I do not think as tenable any longer. After the
stunt that was pulled yesterday. Now the stunt is where
her management team gave a presentation to other staff proposing
that the way that Health New Zealand needs to save
all this money that it needs to save is to
cut nearly five hundred doctors and nearly fifteen hundred nurses.
It doesn't look like Margie up of the Chief Executive

(45:23):
complete ignorance or innocence on this one, because, according to
a source who's spoken to the media outlet Newsroom, who
seemed to be the most informed on this particular issue,
the presentation wasn't actually a stunt. Those cuts were really planned,
like this was really really going to happen, and at
least one region of the organization had already started making
plans to consult and implement the changes. Now, it is

(45:44):
hard to imagine a region in the organization starting to
cut doctors and nurses without the CEO signing off on it.
It is impossible then, to have confidence in her as
the boss of Health New Zealand if she genuinely believes
it the way to save money is to cut doctors
nurses in a health system that already doesn't have doctors
and nurses. Can you really trust her to run this
place properly. Frankly, even before what happened yesterday, she was

(46:08):
on thin ice because the way that she was running
the place, it has been blowing its budget by one
hundred and thirty million dollars every month for five months.
That's not competence, that's unbelievable. I think she's gone, by
the way. I don't think that I'm sitting here telling
you something that I'm just guessing at. I think she's gone.
And I base that on the fact that the new
Health Commissioner, Lester Levy is not expressing full confidence in her.

(46:31):
He's failed to do that a couple of times now.
And also he's gone public with the fact that he's
called her about what happened yesterday, and he's made it
very clear this is unacceptable his word, unacceptable quote and
is not to ever be repeated. And then he says
he told the Minister's office there will be consequences. My
guess is the consequence is that she's gone, and it's

(46:53):
only a matter of time for them to just sort
out the paperwork and how we get her out the door.
And frankly, given how this place has been run and
the nutside for how they were going to save money.
I think Marjorie Upper leaving Health New Zealand may well
be the best outcome ever. All right, one reporter does
get under Adrian or his skin. He holds it together,
but you can hear it. This is Jenny Ruth, the

(47:14):
veteran business reporter today in the press conference.

Speaker 9 (47:17):
That's a huge change.

Speaker 1 (47:19):
I mean it begs some sort of explanation.

Speaker 3 (47:22):
So what she's looking for is an explanation for how
he goes from in May telling us we're going to
get a hike to then cutting this month. He makes
a fist of answering the question.

Speaker 7 (47:31):
Well it does. There's a forty two page explanation here
and I invite people to read it. And no, it's
not a huge change, a change of where you have
what one hundred and fifty basis points.

Speaker 3 (47:43):
Yes, it's a huge change, but that's all he's going
to give her. And she goes to ask another question
and he's not having it.

Speaker 7 (47:48):
If we move on, please, you need to understand the indogen.

Speaker 2 (47:51):
Agor got something like.

Speaker 3 (47:54):
Three or four questions. I've only had a chance to
us one. Sorry, you need to understand the indogeneity. That's
why I always try to resolve my arguments like that
with my husband. You need to understand the indogeneity, don't you.
Why not question anyway, Karen Sure.

Speaker 2 (48:11):
Next the day's newsmakers talk to Heather first, Heather Duplicy,
Alan drive with One New Zealand let's get connected.

Speaker 1 (48:21):
And news talk z be.

Speaker 3 (48:36):
Okay, I'm getting a lot of texts asking what indigeneity is,
and look, frankly, that is a that's a fair question.
Hold on, I did do a little search before. Let
me do it again. Indigen Okay, here we go. Indogeneity
refers to where the effect of an independent variable on
a dependent variable cannot be casually interpreted because it includes
omitted causes, leading to biased estimates. So that's what Jenny

(48:56):
was doing. Well, she was making yes, close it right up,
doesn't yah? And Jenny, I get a five year old
sertion of that one. I don't know, No, I don't
really like. I feel like I'm going to do it
and then there's going to be an economist listening to meet,
like Michael Raddell, and he's going to send text. But
I feel like what it means is when you've got
a fixed variable, you can't just assume that necessarily the

(49:16):
other variable has caused the effect on the variable that
you think it's caused because you're omitting everything else. Did
that explain it?

Speaker 10 (49:23):
It?

Speaker 3 (49:24):
H look no, neither, And I don't feel like, frankly,
Adrian is going to come to the party and explain
anything to us. But Jenny should have known. She should
have known that when she asked him all of those
annoying questions. Twenty four away from six ever do so,
here's an update on how the military style boot camps
are going. One kid has already bunked out. They're going
to instead complete their sentence at another youth justice facility. Otherwise,

(49:44):
apparently it's going well. Minister for Children Karen chaws with us. Now, hey, Karen, Andy,
how's it going very well?

Speaker 22 (49:51):
Thank you?

Speaker 3 (49:51):
Did the child choose to leave or did you guys
ask the child to leave?

Speaker 23 (49:56):
The young person has chosen to leave for personal reasons,
and we were kind of expecting that this may happen.
So start, we're ready for that, wrapping around that young person,
making sure that we could get them in front of
a judge to change their sentencing plan because now they'll
have to complete their sentence at another youth justice facility.

(50:17):
So this young person hasn't got off lately, They'll still
be completing the sentence. It will just be at another facility.

Speaker 6 (50:23):
What went wrong, Oh, I wouldn't.

Speaker 23 (50:27):
Say anything went wrong. This is a pilot program. We've
always said that if they're young person does not want
to continue, that they have that choice. I wouldn't want
to go into too much detail check the young person's privacy.
Because there are only ten young men, they will be
easy to kind of identify if they're going too much detail.

(50:50):
But what I will say is that I'm really proud
of these young people, these nine young people who are
still continuing today, who have taken on this challenge. I
am something different for a better future, and they seem
to be really enjoying themselves, giving really good feedback about
things that they would like more of. And I'm hoping

(51:10):
that this will continue as positive as it has been.

Speaker 3 (51:13):
What would they like more of?

Speaker 23 (51:15):
Oh, They've already asked physical activities because they seem to
be quite popular with the young people. So we're looking
at ways that we can include more of that.

Speaker 3 (51:26):
When you say physical activities, Karen, do you mean going
outside and playing basketball or do you mean doing military drills?

Speaker 23 (51:33):
Oh? I think it might be a bit of both.
I think they really enjoy they really enjoy obstacle courses
and the workout programs on the outdoor gym and things
like that. So I think it's a bit of both.

Speaker 3 (51:44):
Any fighting, not that.

Speaker 23 (51:48):
I'm aware of, and not that I've been told. I'm
told that there's no safety issues and that they're all
quite positive.

Speaker 3 (51:55):
I see that they start their day with a set
morning routine. They have breakfast, they have a shower, they
have milky t free style drills, they have daily hygiene
routines like ensuring the rooms are clean, clothes are ironed,
and so on, and they have to look respectable themselves
for I would imagine for many of them, that is
not the normal start to the day, is it.

Speaker 23 (52:13):
No, this is something new, This is something that they
probably hadn't had routine like this before in their lives.
On the first day when they started, I was actually
really proud of them, standing in their number one is
ready for their first day, shirts tucked in, all looking
very very smart. I'm very very proud of themselves too.
The smile made it worth it.

Speaker 3 (52:34):
Okay, Karen Listen, thanks for updating us.

Speaker 4 (52:35):
Well.

Speaker 3 (52:35):
Keep an eye on how things are going. That's Karen Schure,
Minister for Children. It's coming up twenty away from six.

Speaker 2 (52:40):
The Huddle with New Zealand Southby's International Realty exceptional marketing
for every property on.

Speaker 3 (52:46):
The huddle with me. This evening we got Clear Delord,
journalist and Jack Tame, host of Q and A and
Saturday Mornings. Hello you too, Hello there, Gilda Claire.

Speaker 20 (52:53):
Were you surprised by the cut and the ocr I
didn't know whether it would happen or not, because I
listened to everybody and who knows. I mean, the pundits
seem to be evenly split. But I do know that
there are lots of small businesses particularly and people with
mortgages utterly relieved that it's heading in the right direct.

Speaker 3 (53:11):
Reason I ask you that is because it feels like
it goes against Adrian's personality, right, because he's so he
I mean, I just say it, he's egotistical, right, and
this is an admission of an error. So I was
really surprised he did it.

Speaker 20 (53:23):
Well, you know, you can only keep digging so far. Yeah,
and you have to just stop. And I don't follow
Adrian or as closely as you do, or Jack but
it does seem that he's had to reverse gear and
about time, and.

Speaker 3 (53:37):
For that, Jack, he actually deserves a massive bouquet, doesn't he.

Speaker 17 (53:41):
Well, yeah, I just feel like with all of these decisions,
I want to reserve judgment another six or twelve months
until we see the full scale of the impacts. And
this is the problem I mean. I mean, of course,
as a mortgage holder, I am relieved to see the
ocr heading in a more favorable direction. It's we while
until we kind of see the full impact of that.

(54:02):
But you know, there were some pretty gloomy news in that,
you know, in the MPs today as well, potentially another
different recession, unemployment higher than it was previously going to be.
So yeah, as pleased as I am it's seeing the
ICR at five point two five as opposed to five
point five, I'm not exactly having a massive party to

(54:23):
celebrate to that, Claire, I reckon it's.

Speaker 3 (54:25):
Going to change the mood just a little bit, just
because we know now it's in one direction.

Speaker 20 (54:31):
Well, you'd have to hope it would, because it's actually
quite gloomy out there, it really is, and for some
businesses particularly it's not just Auckland, but that's where we
happen to be. It's too late. They hung on as.

Speaker 3 (54:43):
Long as they could and it just got too much.

Speaker 20 (54:45):
And we've seen a lot of closures lately of businesses
that would have probably, you know, wanted to wait another
week but couldn't.

Speaker 17 (54:51):
Yeah, Jack, Yeah, you say, we know it's heading in
one direction, and I just I hope you're right.

Speaker 1 (55:00):
Did you get out of.

Speaker 3 (55:01):
The wrong side of bed today? Did you decide?

Speaker 24 (55:04):
No?

Speaker 2 (55:05):
No? No.

Speaker 17 (55:05):
The only reason I'm saying.

Speaker 3 (55:06):
That is that three hours, Jack, go back and look.

Speaker 17 (55:11):
At the NPS from May.

Speaker 4 (55:13):
Like.

Speaker 17 (55:13):
The thing I found really hard with the Reserve Bank is,
at least to my untrained eye, it does feel like
they've kind of lurched in their position over the last
couple of months.

Speaker 3 (55:22):
Idiots, Jack and everybody could see that we were way
more stuff.

Speaker 1 (55:25):
But you can't.

Speaker 3 (55:27):
You can't do that. We're in recession for a third time.
Go Jack.

Speaker 17 (55:30):
Sorry, I think I think it would be extremely unlikely
and certainly unpopular. All I'm saying is that history has
taught me anything. The Reserve Bank, at least to my eye,
has lurched in its position like quite recently, and I
wouldn't be one hundred percent confident that they wouldn't do
it again. That being said, given things are so gloomy

(55:52):
right now, I certainly feel that the weight of likelihood
is on a track us.

Speaker 3 (56:00):
You're going to have to make a little shandy this evening, Jack,
just like a half bear.

Speaker 17 (56:05):
I'm just I'm not trying to get too excited just yet, Okay.
I mean, if if you're taking one hundred and fifty
basis points out of it, maybe I'd be celebrating a
little hard, Claire.

Speaker 20 (56:15):
I was just going to say, you know, there's been
a real attempt by Adrian order to try and make
this more cheerful. Yeah, because he said, for example, that
it's always dark as before the dawn. Yeah, it's not
that is so wrong, is it not? Is completely wrong?
It's always darkest at midnight. And you know, I mean
he's clearly trying to makes all feel better. Yes, but
that is probably you know, just note to Adrian.

Speaker 3 (56:36):
Yep, fair enough. All right, let's take a break, we'll
come back. We'll talk about what's going on in health
New Zealand and all the other stuff today sixteen your
away from six.

Speaker 2 (56:45):
The Huddle with New Zealand Southeby's international realty, unparalleled reach
and results.

Speaker 3 (56:50):
Right, you're back with a huddle, Jack Tayman, Clai Delord,
Jack Margie Up has gone, isn't she?

Speaker 17 (56:56):
Yeah? It doesn't look great deal. It's pretty extraordinary actually
see this kind of of level of disconnect between a
chair and a CEO like this, or commissioner and a
CEO rather Yeah, I mean you certainly you know it
speaks to what is obviously like a massive level of
disconnection and discontent within Health New Zealand. But I just

(57:17):
can't see, given the public nature of this breakdown and
their relationship, how that's going to continue.

Speaker 3 (57:23):
I can't see that she can stay Claire, because she
must have signed off on those plans to cut five
hundred doctors and fifteen hundred nurses, and that is just
impossible to comprehend. I don't know that.

Speaker 20 (57:34):
We don't know that, And I think Lester Levy has
poured quite a bit of petrel on to the fire here,
and so I'm not so sure mar Giapra is for
the hy jump. I do think that what we're seeing
is a level of self created chaos within health. Yeah,
I mean the government has set about these reforms. They're

(57:54):
doing them so fast, they're stripping out so much so
quickly that this is like a very severe case of
speed wobbles, possibly taking out some of the controls, the
checks and balances, the handbrakes that you know, Winston has
referred to in terms of what he did with the
previous government in some policies. And so something gets through,
slips through, and playing it all up publicly is what

(58:18):
you would normally not do. You would normally just go
and crack heads together. But you know, if the behind
the scenes that is, but you know, you just think,
if you want to get very fast results, you're taking
some risks along the way.

Speaker 3 (58:31):
This is our biggest company, effectively, the whole stagage.

Speaker 20 (58:34):
Margie Upper as CEO of this, has seen god knows
how many changes in the time she's been in that job.
And I'm not in any way glossing over that paper
causing some you know, absolute consternation. I'm not sure the
way to handle it though, is to go raging publicly,
because there aren't layers of people if she leaves, for example,

(58:57):
there are not layers of people left to come up
who are is steeped in that So I think financally
if they should try better to get off.

Speaker 3 (59:04):
If you do not believe that that was really happening
what was being proposed. Five hundred doctors gone, fifteen hundred
nurs has gone, then what do you think the point
of that proposal was? Was it? Was it an act
of resistance?

Speaker 20 (59:15):
I don't know in what as less to Levy, he's
conceded that yes, but he has also said it was
an analogy put together by some finance people who are
famously not well known for you know, sort of tact
diplomacy necessarily communication skills, or looking at the political fallout.
So this is now really highly political as it is

(59:37):
very political, and it's going to take I think, getting
together with the minister sorting out lines of accountability. But
right now I don't think the losing Margie Alpha would
be the best outcome.

Speaker 17 (59:49):
Oh interesting, Okay, I sorry, I agree with clear on
that point. I just think the relationship thing is just
so problematic right as clearly if you to think about
Health New Zealand as our as our largest company and
think about it in those terms, and to see this
kind of you know, these two public positions out of

(01:00:10):
Marjapro and that of Lesta Levy being so kind of
publicly opposed, or at the very least the Commission taking
such a strong position publicly supposedly against Marjyapa. I mean,
that's that's deeply unusual and and and surely isn't at
all beneficial to the overall organization. It seems extraordinary that
these kinds of things wouldn't be having.

Speaker 3 (01:00:30):
So Jackie, you're saying there's a difference between what should
happen and what is going to happen. What should happen
is maybe in your mind she retains the job. What's
going to happen if she's going to go?

Speaker 17 (01:00:39):
Yeah, I think I think this is the sort of
thing that probably needs to go to a minister, and
given given the public nature of it, and the minister
actually needs to intervene, and as clear as he has
sought out some really clear lines of not only of
communication but but of you know, of responsibility. So you
don't actually have these you don't have these two very

(01:00:59):
senior people all seemingly working you know, pulling, pulling in
different directions or working to different ends.

Speaker 3 (01:01:05):
Clear, does somebody need to write to Wellington Council and
tell them there's a cost of living crisis going on. Probably.

Speaker 20 (01:01:11):
I mean you only go to Wellington, you know, and
walk a couple of blocks and you see water pouring
up out of the foot park being wasted. The bicycle
wrack seems to be a bit of a Rolls Royce.
You don't need a Rolls Royce. If you've got lots
of bikes, you can just have a little, you know, rack,
small rack. Those are outside Friburg Pool. They've got those
metal rakes. You just pop your bike on their chain.

(01:01:32):
It's through the thing, done, no problem. There are trees
you can use them.

Speaker 3 (01:01:35):
In times a surplus.

Speaker 20 (01:01:37):
Yes, you have all of these when we're and it
looks neat and tidy, and it's a very state of
the art, and you see them in other places. Other
places are wealthier than we are right now as a country.
We're actually not in our cities, our major cities are
not doing much.

Speaker 11 (01:01:50):
Jack.

Speaker 3 (01:01:50):
I'm getting a lot of texts saying that these fancy
bike racks are all up and down the country, including Auckland.
Have you got that? Have you beat? Because you're a
bike boy, have you been using.

Speaker 17 (01:01:59):
I'm a very keen cyclist and I cannot say that
I've used them, and as a very keen cyclist, I've
got to say this kind of thing really annoys me
because I think it's a waste of money. Like it.
It doesn't do those of us who like cycling. It
doesn't do our cause any good to see this kind
of profligate spending. As you say, you can just put
up a bar. That's that easy. Like how extensive can

(01:02:21):
honestly be to put a steel bar in the ground
for us to lock up to the bike. I don't
care if my biker is standing up right, or if
it's on the side or whatever. I just want to
be able to lock it for something. And it's so
frustrating to see this kind of thing being financed, like
you say, in the middle of the cost of living crisis,
because it just attracts criticism from people who say we

(01:02:42):
shouldn't be putting any money into cycling infrastructure too.

Speaker 8 (01:02:44):
Right.

Speaker 3 (01:02:45):
I just want to make it clear this is not
a cycling problem. This is a Wellington City Council problem. Jack,
Thank you so much appreciated, Jack Tame, host of Q
and A and Knows the Saturday Mornings and clear de
Lord journalist, it's eight away from six.

Speaker 2 (01:02:55):
Upon your smart speaker, on the iHeart app and in
your car on your drive home. Heather duple c Allen
drive with one New zealand one Giant Leap for Business
News Talk as it be.

Speaker 3 (01:03:07):
Hither, this woman was running one hundred and fifty million
dollars every month over budget. Shoot her, now, that's obviously like,
that's not that's a metaphorical shooting. That's not a literal shooting. Hither.
It's rubbish to believe there are no layers of people
to replace Margi Upper there's probably at least nine or ten, actually, John,
I think what was it like the dispute was over
whether it's fourteen or twelve. So there are layers. There

(01:03:29):
are many, many layers. Look look at it like this, right,
how many DHBs did we have?

Speaker 4 (01:03:34):
Again?

Speaker 3 (01:03:34):
Was it twenty DHBs? They got Maldon to one. So
she was one of the DHB bosses, which means that
nineteen other DHP bosses didn't get her job. There are
nineteen other people who could take the job, who will
do a better job than her. And I've spoken to
people in the health system when Margie got the job,
they were like, Margie got the job, really, So I
think you're from the start, from the start. Now we're

(01:03:57):
going to talk to ASB next after six o'clock. Not
great news for them because the profit is down seven percent.
That's basically the high interest rate environment at acting there.
People aren't borrowing as much. Blah blah blah. But it's
great news for the chief executive because Victoria has gone
from earning just two million last year to five million
this year. Now, how do you go from two to

(01:04:19):
five in one year? I think we all want to know.
I'm going to ask. I know it's akey talking about money,
about that kind of stuff, but I've got no shame,
and so I'm going to ask her that question when
we talked to her shortly. Can I just tell you
really quickly on the Olympians, because I can't get enough
of them at the moment. I find it amazing what
the Olympians get from their different countries as a reward
for getting the medal. Because I don't know if you
realize this, but they get the medal, that's not the

(01:04:41):
only thing they get. They get a bonus often. So
for example, here in New Zealand, we give our gold
medalists sixty thousand dollars and then we also give us
silver and bronze medalists fifty five thousand dollars each, which
is pretty cool, and it's on par with America they
give their gold medalists sixty two thousand dollars. But we
are very much at the low end of things. The
middle range is places like France they give the gold

(01:05:02):
medalists about one hundred and fifty thousand dollars. Now that's
big money, right. It's not in Victoria from asb obviously.
But then the really really high end is India, of
all places, they give them three hundred and fifty thousand dollars. Kazakhstan,
can you believe it is super generous four hundred and
fifteen thousand dollars, but nothing on Hong Kong one point

(01:05:24):
two eight million dollars, Singapore one point two five million dollars.
But it doesn't just end with money. Kazakhstan also gives
their winners apartments. South Korea gives their winners exemption from
nearly two years of compulsory military training. The Philippines, they
get money, plus a house and a lot, a two
bedroom condomonium, around thirty thousand dollars worth of furniture, a

(01:05:46):
lifetime supply of cookies and free meals for life from
several local restaurants. Indonesia they get five cows a meatball
restaurant in a new house. I'm not making this up.
And in Japan, one medalist in silver got one hundred
bags of rice. One of my great grandparents was Filipino.
That sounds great. I want my co I know I
one hundred percent have got citizenship now ASB.

Speaker 1 (01:06:06):
Next, what what's down on?

Speaker 2 (01:06:12):
What were the major calls and how will it affect
the economy of the big business questions on the Business
Hour with Heather Duplicy Allen and my Hr on News Talk.

Speaker 3 (01:06:22):
SEB even in coming up in the next hour. Janetip
Shraney was in the Adrian All Press conference today. We'll
have chatter about it shortly Caitlin Park and Milford Asset Management.
With the market reaction to the ocr dropping and you
and McDonald out of Ukraine. We're going to ask him
how much pressure that invasion of Russia is putting on putin.
It's coming up eight past six now. ASB started slashing

(01:06:43):
its mortgage interest rates, one of three banks just minutes
after the Reserve Bank dropped the official cash rate by
a quarter of a percent this afternoon. It's been a
big day for ASB. Earlier this morning it announced its
run of record profits is over and your profit dropped
seven percent from last year's record high. It's now down
to one point five five nine billion dollars in the
year to the end of June. Victoria Short is asb's

(01:07:04):
chief executive. Hey Vittoria, Hey Heather, were you surprised by
the cut today?

Speaker 24 (01:07:09):
Well, actually, our ASP economics team we're picking a twenty
five basis point cut, acknowledged it was going to be
finally balanced, but it is what they were picking. So
I think it's good news for New Zealand.

Speaker 3 (01:07:21):
Did you not, though, find yourself doing this because I
did and thinking, yeah, it should be a cart. Everything
shows it should be a cat. But Adrian's got an ego.

Speaker 24 (01:07:31):
I think we looked at the fundamental around you know,
we go back to why have the interest rates been
held high to get inflation under control? And that's the
number one priority for all of us. So you know,
we've seen inflation coming down. The big question is is
it going to be coming down sustainably to a low
enough level? And that seems to be occurring, which is great.

(01:07:54):
But there's one call out that I think was important
in the sort of judgment, and that's material weakening of
the domestic economic activity. So I think they are you know,
they're calling that out as one of the reasons for
the cat so we can't walk past that.

Speaker 3 (01:08:14):
No, that's fair enough. I see you guys cut your
rates obviously immediately, which is great, But why are they
only taking effect next week?

Speaker 24 (01:08:21):
Yeah, we've got a little bit of time. We've got
sort of some legal processes, which means that we have
to adjust terms and conditions and make sure we get
all of our disclosures are ready to go, and so
that's why there's a little bit of a lag between
the announcement and when they are effective.

Speaker 3 (01:08:37):
Is it a relief to you? I mean, obviously, you
guys have this high interest rate environment has been heading
your profits. So are you relieved?

Speaker 4 (01:08:45):
So?

Speaker 24 (01:08:46):
I think it's a really good thing for New Zealand
households and New Zealand businesses. So we've already been reducing
our fixed home loan rates. We started doing that last year,
so we've reduced them already by sixty basis points. So
this is really a continuation for us, But I think
what it's signaling for the country is that inflation's getting

(01:09:10):
under control and therefore the ocr can start to come down,
and that's a really important signal.

Speaker 25 (01:09:16):
Are you of the.

Speaker 3 (01:09:17):
View that we need to also temper our expectations though?
Is everybody's going to get super excited about this, but
actually it's going to take us a while to build
ourselves back up.

Speaker 6 (01:09:26):
Yeah.

Speaker 24 (01:09:26):
Look, we you know to your point, it is going
to take time for this to really flow through the economy.
We are thinking that twenty twenty five is going to
be a really different year. We are expecting that credit
growth to build for businesses. We are expecting there to
be upward pressure on homelan prices as a result. So

(01:09:49):
we do think it's going to build over time, and
we don't think this is the last cat either.

Speaker 3 (01:09:55):
What are you expecting before the end of the year
another twenty five basis points.

Speaker 24 (01:09:59):
Yes, so at this stage where we're still calibrating and
will definitely depend on the data and how we see
the data evolving on inflation and also you know, economic activity.
But we have about another fifty basis points that we
think could come out before Christmas.

Speaker 3 (01:10:15):
Now Victoria. Listen, you got the ComCom report coming out
next week, the banking report. Are you guys going to
get hammered in this?

Speaker 11 (01:10:22):
Well?

Speaker 24 (01:10:22):
I think the interesting question is how different is the
final report going to be from the draft report? And
I guess the only person who can answer that is
really the head of ComCom.

Speaker 3 (01:10:32):
What have you heard.

Speaker 24 (01:10:34):
Nothing from ComCom? So you know we'll all be revealed
next week?

Speaker 3 (01:10:38):
Are you going to get hammered by the government with
its rural banking report?

Speaker 24 (01:10:42):
I'm really looking forward to to sort of answering some
of the questions that have been asked about the rules sector,
but also about business lending too. So just like the
market study, I think it's a really good opportunity to
get you know, the right questions on the table and really,
you know, get into them.

Speaker 3 (01:11:01):
Yeah, well, why do you want to answer those questions?
Is it because people have got themselves worked up unfairly
about you guys?

Speaker 1 (01:11:07):
Oh?

Speaker 24 (01:11:07):
Look, I think there's a lot of things that I
hear that I've got a view on, and so it's
going to be a good chance to actually share those
views and that's the whole point of it.

Speaker 3 (01:11:18):
As a KIWI, do you support the capitalization of kiwibank.

Speaker 24 (01:11:24):
Ah, I don't think Kvybank's a good topic for me.
So that's something that's the best less with those who
are in charge of that decision.

Speaker 3 (01:11:34):
Fair point. Hey, listen, I've got to ask you. I mean,
this is a key and I'm sorry and nobody likes
talking about their pay but I've got to ask you
about it. How did you go Vitoria from two million
to five million in the space of a year.

Speaker 24 (01:11:45):
Yeah, look, this year in terms of my rem it's
a highly unusual rem it enclodes payments related to multiple
years since twenty nineteen. But what you're really getting at
is it, you know, and I recognized this that executive
room is controversial and particularly in this environment. So it's

(01:12:07):
set by the board and it's based on the market benchmark,
and that's you know, that's really the approach to the
board takes.

Speaker 3 (01:12:13):
Not at all what I was getting at. I was
just trying to get a tip from you on how.

Speaker 11 (01:12:17):
To do it.

Speaker 24 (01:12:19):
Well, it's like I say, it's it's a strange year
and it's multiple years starting from twenty nineteen. So the
team content through some data if you're interested.

Speaker 3 (01:12:29):
Yeah, and who am I kidding. I'm not up five
million dollars in the media. Jeez, Vittoria, thank you very much.
Victoria short asb's chief executive Listen got some numbers potentially
for how much Contact and Genesis paid methodics for that
that gas, I'll do it next. I'll give you all.
What I mean is, I'll give you the details next
fourteen past six.

Speaker 2 (01:12:49):
Crunching the numbers and getting the results. It's Heather Duplicy
Ellen with the Business Hour thanks to my HR, the
HR platform for SME on news talksb Hey.

Speaker 3 (01:13:00):
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So to register for the seminar or the webinar, visit

(01:13:43):
myhr dot works and click on the webinar pop up
together do for see Allen seventeen past six. Now a
Reserve Bank Governor Adrian Or had to do a fair
bit of gymnastics today to explain the cut to the
official cash.

Speaker 10 (01:13:56):
Rate and if the goal of monetary policy in this
situation is for soft landing, can you say you've actually
delivered that?

Speaker 7 (01:14:02):
And I don't know how to answer your other question
really so yeah.

Speaker 3 (01:14:07):
Genetive Trainey is The Herald's Wellington Business editor. She was
in the room this afternoon. Adan a hey, Heather couldn't
say he got it wrong the way.

Speaker 25 (01:14:16):
No, he didn't want to say he got it wrong.
So the question that I asked the governor was back
in May when the Reserve Bank suggested the OCI would
only be cut later next year. Was the Reserve Bank
wrong in May? Or was it bluffing? Was it draw boning,
was it trying to talk the market into keeping interest
rates elevated? And adrianal said. What he did say was

(01:14:37):
that no, they weren't bluffing, that they weren't you just
trying to talk the market into doing what it wanted.
But rather than the economic data that has come out
since May has suggested that there's the economy is quite
a bit weaker than expected, and hence the reason that
the IRBNZ cut today and has projected further cuts twenty

(01:15:01):
five basis points, you know, at each next meeting.

Speaker 3 (01:15:05):
His argument basically came down to things have changed so
much between May and August that suddenly a cut was
on was on the cards and actually happening. Do you
buy that?

Speaker 25 (01:15:16):
Look, I think the consensus among economists was that the
Reserve Bank was wrong in May. So back then the
economy was not performing strongly. You know, anyone who walks
around town or you know, is trying to manage their
budget or whatever realizes that that things are not not great.
But the Reserve Bank was an outlier at that point.

(01:15:37):
It didn't seem to recognize the weakness and the economy
to the extent that everyone else did. I mean, markets
back then we were pricing in cuts as well, so
you know, they were shocked that the Reserve Bank thought
the ocr might need to be hiked again. So I
think the consensus ABI and Z was wrong back in May.

Speaker 3 (01:15:56):
Yeah, yeah, yeah, totally. Hey, I was actually quite impressed
with how he handled it because he is known to
like me, he wears his emotions quite close to the skin.

Speaker 22 (01:16:05):
Yeah.

Speaker 25 (01:16:05):
Look, I mean this is the thing. So I think
there's two schools of thought have come out of this
flip flop situation. You have people like Brad Olsen, the
Infametrix economists, who think the Reserve Bank's credibility has been
eroded because it's changed its positions so drastically in such
a short space of time. So how do we know
when it has these projections? Are they really projections or

(01:16:25):
is it just kind of like basically trying to talk
the market this way that way. Then you have other
economists like bean Zed's Stephen Topless, and he says, well, yep,
probably got it wrong in May, but actually really good
that they're correcting their position now, because in Stephen Topless's view,
at least a cut was definitely the right call to
make today and actually should have been made earlier. So

(01:16:49):
I think it is an interesting tension as to how
how critical you want what you want to be of
the Irby and Z. The other thing I would point
out is that they've started putting emphasis on different data. Previously,
it sounded like the Reserve Bank put emphasis on the
CPI inflation data, the GDP data, the Tier one data.
Now it sounds like they're putting a bit more emphasis

(01:17:10):
on on the business confidence surveys, the Tier two data,
some of the more real time information about how the
economy is going. That's the sort of that's the sort
of information that that markets track really closely. That is perhaps, yeah,
perhaps a wee change of approach there.

Speaker 3 (01:17:25):
That was very interesting. I noticed that as well, Jennay,
thank you so much. Change of training the Herald's Wellington
Business editor here the amazing how the banks can increase
rates immediately, but it takes them a week or so
to drop them for legal reasons. My ass, I think
you're onto something. They're joe an actually because kee we Bank.
I stand to be corrected, but they and A and
Z also drop their rates today, and I don't see
any disclaimer saying you have to wait till next week
to lock into those ones. And look, that may be

(01:17:47):
that maybe Keywi Bank and A and Z were anticipating this,
so I got their ducks in a row for the
potential to do that. Maybe, but I'm suspicious like you
speaking of suspicious. Looks like our suspicions were right. Yes,
today that Contact and Genesis have had to pay through
the nose to buy that gas that Methinx is now
not using because it's shut itself down until the end

(01:18:08):
of October. Theyan still refusing to say how much they've paid.
But Business Desk has done some back of the envelope calculations,
so they looked at what Methinix reported last quarter, its
New Zealand operation produced one hundred and seventy eight thousand
tons of methanol. Its global average price was five hundred
and eighty three eighty four dollars a ton, So basically

(01:18:28):
do the maths and it indicates earnings of about one
hundred million dollars about one hundred and three million dollars. Now,
Methinex has said by shutting down and on selling the gas,
they make more than they would have made by selling it.
So Contact and Genesis have between themselves based on this
paid methin x more than one hundred and three million
dollars for the gas, which is a big price tag

(01:18:49):
six twenty.

Speaker 2 (01:18:50):
Two, whether it's macro, MicroB for just plain economics, it's
all on the Business Hour with Heather Duplicy Allen and
my HR, the HR platform for SIP hither.

Speaker 3 (01:19:02):
I wish you talk about TSP as well. They dropped
their rates today. They are a new Zealand bank. We
should be supporting them. They actually fair point, they actually
dropped their rates yesterday. The bank they, as far as
I can tell, the only bank they dropped their rates
in anticipation of what might happen tomorrow today. So of
all the banks with courage, it was them right now
at six twenty five. Now, Caitlin Parker Milford Act Management
is with us a Kitlin hiream. I'm very well. Thank you.

(01:19:24):
Had the markets react to the ocr cut.

Speaker 26 (01:19:27):
Yeah, Look, interest rates across the current we saw them
move lower about point one percent or so on the
back of THEOCAR quit today. But interest rates have already.

Speaker 17 (01:19:37):
Moved significantly lower in the lead up to this meeting.

Speaker 26 (01:19:39):
So you know, take the two year interest rate, the
swap rate. That's a real bell weather from mortgage rates
that was down close to a percent over the past
next weeks feeding into the meeting today. So we had
already seen you know, decent moves lower in interest rates.
And then I think about currency, and if we think
about the New Zealand dollar no versus the Aussie dollar,
you would expect that it's going to pretty strong given

(01:20:01):
we now have diverging monetary policies. So New Zealand has
embarked on this cutting cycle versus our neighbors and Aussie
are now remaining.

Speaker 17 (01:20:07):
Firmly on a hold as it is.

Speaker 26 (01:20:09):
But I would expect of these market reactions that they
will likely extend over the next twelve twenty four hours
as offshore markets get involved and digest the cut today.

Speaker 3 (01:20:17):
All right now, on the sheer market, we've got a
lot of interest rates seen sortive companies and so I
imagine this would be a welcome relief to them.

Speaker 26 (01:20:23):
Yeah, yeah, definitely. So you know, in particular, property companies,
retirement villages, retailers, their serprise, their movement, in their surprise,
they're all seeing the benefit of that cut. Today, we
really saw in particular names that were quite beaten up
going for the duration of this year and pretty unloved.
We saw them come back into favor. So names like
key Meet Property Group end of the day up about

(01:20:45):
five and a half percent, Catman Do up about seven percent,
and that was going in comparison to the overall New
Zealand share market, which end of the day up about
a percent and a half. So good performance from those
right sensitive companies and taking back a bit of the
underperformance that we've already seen today.

Speaker 3 (01:21:02):
So the fact that we're cutting rights already and that
the forecast is that these right cats will keep on coming,
do you think this is going to cushion the blow
to the economy.

Speaker 26 (01:21:10):
Yeah, Look, it's something that only time will tell. And
Governer Orders said today that we're likely in the darkest
period right now. So you know, granted we have had
technical recessions, but ultimately for the most part and in
terms of the hard data that we get, we have
avoided that hard landing with everything coming crashing down at once.
But our data is lagging in terms of you know, GDP,

(01:21:32):
unemployment and inflation and risks really are pointing towards worsening
the economies and pressures are really mounting. You know, we
know unemployment is climbing, growth is negative and it's likely
to remain. So the housing markets muted, and we migration
falling with the mass exodus of Kiwis to Uzzi. So
you know, even if we look externally, the US is
slowing and China is pretty looked in to start stimulating

(01:21:53):
its economy. So there is a real chance that the
Urbians that you know, we were the first to hike,
they could be too late. Don't into cut today, and
we could already have a lot of damage done to
the economy. But you know, unfortunately, only time is going
to tell Yeah.

Speaker 3 (01:22:06):
Hey, Caitlyn, thanks for running us through that, man. I
really appreciate it. This Kaitlin Park and Milford Acid Management.
We're going to go to Ukraine next fools. He moved
from the Ukrainians doing a counter invasion of Russia. So
we'll find out exactly how long this is likely to last.
I mean we're talking days and weeks, not really months.
How long it's likely to last last, how much pressure
it's putting on poos and what happens next. Headline's next.

Speaker 2 (01:22:35):
Everything from SMEs to the big corporates. The Business Hour
with Heather duple c Allen and my HR, the HR
platform for SME US talks.

Speaker 1 (01:22:44):
They'd be so when do we go? Demme was.

Speaker 3 (01:23:03):
Okay. So yesterday, by the way, we're going to go
to Gavangray in the UK. Ten minutes yesterday I warned
you that the media we're going to start feeding us
a little diet of SOB stories from beneficiary's being punished
by this heartless government. And what do we have today?
The first of them a SOB story about a beneficiary
being punished by this heartless government. But the best bit
about this is it's actually wrong. So I'm going to

(01:23:25):
run you through that very shortly. You're gonna want to
hear this one twenty three away from seven.

Speaker 1 (01:23:29):
Heather Duper see Alan.

Speaker 3 (01:23:31):
As we know in the last few days, Ukraine has
launched a surprise counter invasion of Russia. Now Ukraine reckons
it's in control of seventy four Russian settlements in the
Kursk region. The governor of the Russian governor of the
border area has declared a region wide state of emergency.
He's appealing to potent declare a federal emergency situation. You
McDonald is the editor of New Voice of Ukraine and

(01:23:51):
is with us from Kiev. Hey ewan.

Speaker 27 (01:23:54):
Hella.

Speaker 3 (01:23:55):
Sounds like this was possible because Russia got a bit
complacent and wasn't guarding its own border properly. Is that
what happened?

Speaker 27 (01:24:03):
Possibly the Russia has thrown a lot of its main
troops into battle in the Dombas in the south and
east of Ukraine, and I don't think it was expecting
an attack across its border.

Speaker 3 (01:24:15):
So the point of what Ukraine is trying to do
is essentially draw resources over to another area. Right therefore,
drawing resources at Russian resources out of Ukraine. Is it
going to work?

Speaker 27 (01:24:27):
It seems to be, because there are reports that Russia
has moved some of its units away from its own
incursion into Ukrainian territory in the northeast of Ukraine near Kharkiv.
Some of the units are there supposed to be heading
towards Coursk at the moment, as according to reports by
Russian million bloggers military bloggers. So this could be happening.

Speaker 4 (01:24:49):
It could be part.

Speaker 27 (01:24:50):
Of the reason why the incursion was launched, but it
also could be a way to gain some leverage against
Russia in future. Piece top if there's going to be
an exchange of land, right.

Speaker 3 (01:25:04):
Is that a realistic possibility because the I mean, this
is what we're looking at with a potential Trump presidency
right there, he forces them to give up land and
sue for peace. Is this Zelensky preparing for that?

Speaker 27 (01:25:17):
Yes, it would be because if the lines were frozen
as before, that would have left Russia in control of
Ukrainian territory and Ukraine not with any Russian territory to control.
So this may be a way of Ukraine hedging that
against that by taking control of some Ukraine of Russian
territory in order to make it more difficult for Russia

(01:25:39):
simply to freeze the lines, take effective control fully of
Ukrainian territory, and then later if going by past experience,
Russia restart the war and take more territory.

Speaker 3 (01:25:54):
You and that would require, though the Ukrainians to stay
there for potentially months. Have they got the ability to
do that?

Speaker 4 (01:26:03):
Well?

Speaker 27 (01:26:03):
The pocket in Kursk is still expanding as far as
we can tell from the reports coming out at least
from the Russian side from independent military bloggers. What they
could be doing is taking as much territory as they can,
then digging in preparing defensive positions and then they'll fall
back to those, and it seems it could be possible

(01:26:26):
that they would hold territory because the lines in Ukraine
have been pretty static for the last year and a
half or so, in fact, almost since the September of
twenty twenty two, when the last big Ukrainian offensive that
took territory in Kharkiv Oblast happened. Since then, the lines
have been pretty static, and if Ukraine can establish new

(01:26:47):
lines in Russia, it might be able to stay there
for a while.

Speaker 3 (01:26:51):
Right, is there any risk here to Ukraine? I mean,
it was pointed out to me that part of the
risk that they now face is that if they are
affecting civilians with their attack, that might be used as
propaganda against them.

Speaker 27 (01:27:04):
It undoubtedly will be used as propaganda against them, but
it's also good peeking or for Ukraine's side to show
that it can still go on the offensive. It's taken
the initiative back from Russia basically at the moment, because
Russia was attacking all the time for most of this year,
and it was it was seeming like Ukraine was losing
that was in territory all the time. Now they've reversed

(01:27:27):
that narrative, and they've shown that Russia is not able
to protect us on borders. They've made Putin's regime look weak,
and they've shown that they've shown the Russians that the
war can come to them, it can affect them.

Speaker 3 (01:27:42):
You and thank you very much for un us. It's
good to talk to you again. Look after yourself. That's
you and McDonald, the editor of a new Voice of
Ukraine nineteen away from seven.

Speaker 1 (01:27:51):
Either duplicy Ellen, I'm gonna.

Speaker 3 (01:27:53):
Get, I'm going to get, don't worry to the beneficiary thing.
But first turns out the Auckland Mayor, Wayne Brown's got
a podcast, asked he's already onto episode two. Didn't know
anything about it, but yeah, episode two we're on to
dropped yesterday. He interviews Gor mayor Ben Bell.

Speaker 13 (01:28:08):
Okay, nice to meet you, young Ben Belt from Gore.

Speaker 4 (01:28:11):
This is Ben Bell from Gore, my walking listeners.

Speaker 13 (01:28:15):
I have no idea where it is, but that's somewhere now.

Speaker 3 (01:28:17):
Sir gets off to a bit of a rocky start.

Speaker 13 (01:28:19):
So what are you doing up here in Auckland, Ben Bell,
the mayor of Gore.

Speaker 4 (01:28:23):
I'm up here for the Nie Zealand Maryal.

Speaker 13 (01:28:25):
Forum in New Zealand maryl Forum.

Speaker 4 (01:28:27):
Never heard of it.

Speaker 11 (01:28:28):
What's that?

Speaker 3 (01:28:29):
So Innie Zealand brings all of us mears together and
we talk about domestic opportunities and how we can improve
travel around the country, which is pretty specially. The problem
is nobody invited Wayne Brown to the New Zealand Maryal Forum.

Speaker 4 (01:28:45):
Yeah, that's interesting.

Speaker 13 (01:28:47):
So that the en Year Zealand bring the mayors for
the two Thursdy of Year Zealand and I'm not the
mayor of it need to my town and I have
no idea about it.

Speaker 4 (01:28:57):
That's going on next door, so you should pop up.

Speaker 13 (01:29:00):
Well, I don't take it fly in New Zealand again,
he actually walk, but it's typical of a kind of
a government owned thing like in New Zealand. I suppose
I haven't quite forgiven them for turning off the flights
to Kai Tire.

Speaker 3 (01:29:12):
Wayne is now less of a fan of in New
Zealand than he already was. He has not flown in
New Zealand in a long time.

Speaker 13 (01:29:18):
I haven't actually phone and on the New Zealand since
I've been the mayor. Really, wow, I don't go to Willington.
I found that the Prime ministers all come and sit
there and so, ah see, I don't have that kind
of pulling gore.

Speaker 3 (01:29:32):
Maybe that's why he wasn't invited, just saying to the
mayor forum anyway, moving on, moving on, he actually has
He's said this before. He gets on very well with
Chloe Swarbrick, the local MP.

Speaker 4 (01:29:44):
So I think you'd even give all these interviews with Coen? Yeah, sure, yes,
definitely one day. And I don't have a beer together.

Speaker 13 (01:29:49):
Quite often people dropped the drinks when I see it's
in the pub. And so in terms of green and so,
I'm more green than she is. I walked to work
and she gets in an aeroplane and goes to work.

Speaker 3 (01:30:00):
Oh hold my beer. That what a great sledge. Yeah
that's right, Chloe planet burning Wayne, do you walking to work?
He's the real greenie, isn't he. He's putting, He's putting
the old He's walking the walk, isn't he? She's just
talking the talk? Anyway? I can guarantee you this this
show here, the diplacy Allen Drive is going to be
all over this podcast because I think there's going to

(01:30:23):
be gems in this one. A Hey, Laura, Laura the producer.
It's your job. Now it's her job.

Speaker 13 (01:30:28):
Have you been invited on yet?

Speaker 3 (01:30:29):
Heather onto his podcast? Yeah, I mean he's had been
bell I'm surely episode two, I mean giving it Brak, Sure.

Speaker 9 (01:30:35):
Surely you were in the top ten.

Speaker 3 (01:30:37):
Would I be allowed to say yes? I don't think so.
I feel like I feel like I feel like Wayne
is one of those interviewers where you'd go in and
you'd be like, that's just Wayne. We're just going for
a chat and next minute you're talking about something that
you did that when you were drunk twenty years ago,
and you know, like he's gonna get stuff out of you.

Speaker 9 (01:30:54):
Shoot more we talk about that.

Speaker 3 (01:30:56):
I think I think I am making myself quite appealing
to him. But I think pretty much my boss, who
will undoubtedly be listening, is at this moment going and
when she sees that to his pa, absolutely a no.
Kevin Gray nixt quarter to two.

Speaker 1 (01:31:09):
If it's to do with money, it matters to you.

Speaker 2 (01:31:12):
The Business Hour with Hither Duplicy Ellen and my HR,
the HR platform for SME US talk, said.

Speaker 3 (01:31:18):
B Kevin Gray. Are UK correspondents with us right now? Hey, Kevin,
either yes, but worrying? Are you your inflation rate's gone
up again.

Speaker 28 (01:31:27):
Yes, it has, only a little bit, and it was predicted,
but it is bad news. Prices have risen by two
point two percent in the year to July. That's up
from two percent, and it's two point zero percent, which
is the official target of the Bank of England. So
although this was widely expected, it's thought largely to be
due to prices of gas and electricity falling by less

(01:31:49):
than they did a year before, so it's kind of
an odd anomaly. The Bank does expect inflation to rise
further this year before falling back again, and of course
that's because we have had one interest rate cup only
a little bit, but the first one for many many months,
and that was meant to try and come and encourage

(01:32:10):
the economy. But it has potentially boosted inflation again. So
at two point two percent, well, let me go around
a few countries. Germany two point six percent, France two
point six percent, the Eurozone two point six percent, US
three percent, So we are keeping it down, but yeah,
our rise will be of concern.

Speaker 3 (01:32:27):
Yeah. On the bright side, though, unemployment is looking a.

Speaker 28 (01:32:30):
Lot better, Yes it is. It's an interesting one. This
is unemployed because the figures are really quite mixed. Unemployment
was four point two percent for the three months to
the end of June. That it's down to four from
four point four percent. But interestingly, wage growth has continued
to slow. That's now got an annualate of five point

(01:32:53):
four percent, the weakest for around two years. What does
this mean? Well, people are saying we shouldn't give too
much weight to the job figures at the moment because
we just think things are tentative between growth and not
growing very much. So this interest rate cut two five
percent from five and a quarter percent earlier this month

(01:33:13):
is another interesting thing. The first relection for four years.
Will that boost growth? Will that encourage people to borrow
and therefore lead to businesses growing well? That will have
to wait to see. But the slow growth wage is
come after huge pay demands and indeed today the government

(01:33:33):
is said to be intervening in a long running pay
dispute with the rail unions and while some criticize the
government are fearing a massive over inflation pay rise for them.

Speaker 3 (01:33:45):
Now Gevin explain to me this bristfeeding thing they're doing
at Dublin Zoo.

Speaker 28 (01:33:50):
Yeah, lovely. So apparently orangutangs learn by mirroring behavior. And
when a nineteen year old orangutang called Modere gave birth
to a healthy male baby at the end of July
at Dublin Zoo, there was big cheer and big smiling faces.
But sadly the mother has not been breastfeeding her young baby,

(01:34:12):
and over the past few months the zoo has been
arranging a program which has now kicked in and thirty
new mothers are taking terms to breastfeed their children behind glass,
of course, but in front of the pregnant orangutang, hoping
they will be able to encourage and she will learn
the lactation process from them. Mudieu. This orangutang has previously

(01:34:35):
given birth to two babies in twenty nineteen and twenty
twenty two, but apparently the zoo said, well, she didn't
really exhibit the necessary maternal qualities and both died, and
that's why they're hoping this particular baby will be different.
If she can pick up on the big hints of
humans breastfeeding right outside her window. Now she comes to

(01:34:55):
the window to have a look at what's going on.
So if this is true that orangutang's mirror behavior, then
maybe this may work. Incidentally, this originally started with a
worker at the zoo breastfeeding. She convinced eight colleagues to
help out as well. They then went on a group
chat and she said my phone didn't stop bringing. The

(01:35:16):
next day thirty women had signed up. But derota was created.
Who knew breastfeeding mums might be the secret to this
little baby orangutang's life.

Speaker 3 (01:35:25):
I mean it's quite possible. The Orangutang's like, what the
hell is going on with all these people out there? Gavin,
thank you very much as always, talk to you in
a couple of days. Gavin Gray, UK correspondent will do
the beneficiary thing.

Speaker 2 (01:35:35):
Next, whether it's macro micro or just plain economics. It's
all on the Business Hour with hither duplicy Ellen and
my HR the HR platform for sme US talks.

Speaker 3 (01:35:46):
It'd be right six away from seven. So this is
the first of the SOBS stories about how mean this
government is to the beneficiaries. Story is an accountant who's
been on the job seeker benefit for more than a
year was shocked yesterday when he got a letter telling
him his payments BENY payments are going to be cut
in half by next week because he didn't show up
for a meeting, except this is the cruel and heartless

(01:36:10):
But he didn't know he reckons about the meeting because
nobody told him about the meeting. So that's how the
story starts. Then the story goes on to the second
paragraph of the print story and it says the government
has introduced a traffic light system for beneficiaries, with tougher
sanctions for those out of work who do not meet
obligations to prepare for or find work. So basically, this
is what the story is telling you is this has

(01:36:30):
happened to this man, and the reason it's happened is
because the government's broad in the traffic light system made
all these changes. Except get this further down the story,
the guy gets a letter dated the ninth of August,
which is Friday last week. The traffic light system only
came in Monday this week. So actually he's not being

(01:36:51):
punished under this new government's new cruel and heartless rules.
He's being punished under the old rules that labor was.
So doesn't that the narrative, does it, But watch for
this to happen, right, watch this happening. There will be
coscensions existed before Louise Upston came and announced them on Monday.
They were already there. Carmel was doing it all as well.

(01:37:13):
That's what he got punished under Carmel's rules. Just watch
for this stuff because you'll get a lot of this.
Oh and yah got cut off. Actually not these guys
at all, by the looks of things in this instance. Anyway,
just wising you up to finish the show tonight. We've
got Love Resurrection by Alison Moyer. Now you might remember her.
She was half of the synth pop duo Yazoo. She

(01:37:33):
had a solo career. She had a bunch of hits
in the eighties, including this one, gone Aunts, pump it
Up Quickly.

Speaker 1 (01:37:41):
Stimes?

Speaker 3 (01:37:43):
How good was that? The eighties? A power suits, lots
of money, Wall Street, champagne, cocaine, limousines. I mean, none
of which you and I would have been doing, but
you know, can imagine. Anyway. She's coming to New Zealand
to play three shows as part of her Key Live
twenty twenty five world tour. To play Auckland, Wellington and
christ Church next May. You can get tickets. They go

(01:38:04):
on sale Wednesday at two o'clock. You can head to
teg live dot com dot Au. That's teg live dot
com dot Au to buy them, or if you'd rather
go for free, we've got a double ticket each show
to give away. So what you want to do is
listen to this. How easy? Go to the News talk
z'b facebook page, click on the competition post it's right

(01:38:24):
up the top, and then comment Auckland, Wellington or christ
Church and you're in to win. You're welcome.

Speaker 13 (01:38:31):
Comment the city that you want to go to the
show of.

Speaker 3 (01:38:33):
Yeah, obviously, was that not obvious? Did I not make
that of its? Hopefully probably not. If you had to
clarify it, put the city you want to go to
and then maybe you can go and live your best
aty his Life with Allison.

Speaker 1 (01:38:43):
Thank you.

Speaker 2 (01:38:43):
Ans For more from Hither Duplessy Alan Drive, listen live

(01:39:38):
to news Talks it'd be from four pm weekdays, or
follow the podcast on iHeartRadio

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